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Buyers & Sellers
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Buyers & Sellers Lexin Capital acquired the town center of Celebration in Celebration, FL from The Walt Disney Co. The company’s purchase encompasses 18 acres containing 16 retail shops, six restaurants, more than 94,000 sq.ft. of commercial office space, 105 private apartments and three land parcels. For more information, contact Lexin Capital, 654 Madison Avenue, Suite 703, New York, NY 10021; 212-750-3500, Fax 212-750-3505.
Inland Western Retail Real Estate Trust, Inc. acquired Hickory Ridge, a 310,360 sq.ft. center located in Hickory, NC for $14.9 million. The center is anchored by an 85,584 sq.ft. Kohl’s, a 45,000 sq.ft. Best Buy, a 30,000 sq.ft. Marshalls and a 25,000 sq.ft. Old Navy. Cotenants include Party City, Shoe Carnival, Hallmark, Great Clips and Sprint. In addition, the center is shadow-anchored by Super Target, which was not part of the transaction. Inland Retail Real Estate Trust, Inc. recently acquired the following three centers throughout FL for a total of 173,564 sq.ft.: Paradise Place, a 74,620 sq.ft. center located at the intersection of Roebuck and Haverhill Roads in West Palm Beach for $11.8 million. The center is anchored by a 51,420 sq.ft. Publix supermarket. Cotenants include Pak Mail, Hair Cuttery, Viking Quality Cleaners and McDonald’s; Albertsons at Bloomingdale Hills, a 78,686 sq.ft. center located at the intersection of Bloomingdale Avenue and Providence Road in Brandon, FL for $5.8 million. The center is anchored by Albertsons and is tenanted by Fox’s Pizza Den and Great Clips; and Pointe at Tampa Palms, a 20,258 sq.ft. center located at 17002 Palms Pointe Drive in Tampa, FL for $5.3 million. Tenants include Spa Avalon, Coffee Beanery, Happy Nails and Morning Glory. For more information, contact Rick Fox, Inland Western Retail Real Estate Trust, Inc., 2901 Butterfield Road, Oak Brook, IL 60523; 630-218-8000 Ext. 4896; Email: rfox@inlandgroup.com; Web site: www.inlandgroup.com.
The Sembler Co. sold an outparcel at the intersection of Clearwater-Largo Road and West Bay Drive in Largo, FL to Cinos Land II, Inc., which intends to develop a Sonic Burger at the site. Opening is slated for the Spring. The parcel is adjacent to an Eckerd drugstore. For details, contact Craig Sher, The Sembler Co., 5858 Central Avenue, St. Petersburg, FL 33707; 727-384-6000, Fax 727-343-4272; Web site: www.sembler.com.
Upland Real Estate Group, Inc. sold a 7,115 sq.ft. H&R Block store located in Dearborn, MI for $1.03 million. For more information, contact Brier E. Swing, Upland Real Estate Group, Inc., 250 Marquette Avenue, Suite 575, Minneapolis, MN 55401; 612-335-9366, Fax 612-376-4489; Email: brier@upland.com; Web site: www.upland.com.
Kamin Realty, LLC acquired a portfolio of 13 properties for $50 million. The properties are net leased to Circuit City, Lowe’s Home Improvement, Rite-Aid and Winn-Dixie. Additionally, the company acquired eight properties from multiple sellers at a cost of $30 million. The properties are net leased to Dick’s Sporting Goods, Eckerd and Walgreens. For more information, contact Howard Kadish, Kamin Real Estate Co., 575 Madison Avenue, 10th Floor, New York, NY 10022; 212-605-0169, Fax 212-605-0191; Email: kaminre@yahoo.com.
Caruso Affiliated Holdings acquired Marina Waterside, a 10-acre, 130,000 sq.ft. center located on Lincoln Boulevard between Mindanao Way and Fiji Way in Marina del Ray, CA from Carlyle Realty Holdings. Marina Waterside is anchored by Ralphs, which plans to renovate and convert the store to its upscale Ralphs Fresh Fare model. Cotenants include Bank of America, California Pizza Kitchen, Pier 1 Imports and Chico’s. For more information, contact Caruso Affiliated Holdings, 101 The Grove Drive, Los Angeles, CA 90036; 323-900-8100, Fax 323-900-8101.
Zifkin Realty & Development sold Bayberry Square Shopping Center, a 29,032 sq.ft. center located at 225 Cranberry Highway in Orleans, MA. For more information, contact Jen Christy, Zifkin Realty & Development, 660 West Washington, Suite 4W, Chicago, IL 60661; 312-575-8650 Ext. 113, Fax 312-575-8651.
CB Richard Ellis, Inc. represented Magellan Realty Partners, LLC in the acquisition of Oxford Valley Shopping Center located on North Oxford Valley Road in Oxford Valley, PA. The 24,832 sq.ft. center sold for $3.65 million. The center is tenanted by Boston Market, NovaCare, Saladworks and LA Weight Loss. For more information, contact Patricia Carrington-Adkins, CB Richard Ellis, Inc., 1800 John F. Kennedy Boulevard, Philadelphia, PA 19103; 215-561-8915, Fax 215-557-6719; Email: patricia.carrington-adkins@cbre.com; Web site: www.cbre.com.
Developers Diversified and Coventry Real Estate Advisors acquired Totem Lake Malls, a 290,000 sq.ft. center located along Interstate 405 in suburban Seattle, WA. The two-story enclosed regional mall is approximately 78% leased and is anchored by Trader Joe’s, Ross Dress For Less, CompUSA, Famous Footwear, Rite Aid and Big 5 Sporting Goods. Area demographics include a population of 200,000 within five miles earning over $100,000 as the average household income. For more information, contact Michelle A. Mahue, Developers Diversified Realty, 3300 Enterprise Parkway, Beachwood, OH 44122; 877-CALL-DDR; Web site: www.ddr.com.
Marcus & Millichap Real Estate Investment Brokerage Co. is marketing Century Plaza East, a center located at the intersection of State Highway 14 and Highway 138 in Lancaster, CA, for $11.38 million with a Cap rate of 8.2%. The center is anchored by Stater Bros. Supermarket and is cotenanted by Long’s Drugs, McDonald’s and Taco Bell. There are approximately 20 additional tenants, with three proposed leases pending. The nine single-story buildings total 121,192 sq.ft. and are situated on a land area of 12.63 acres. The company also is marketing Wichita Square, a center located at 3614 Call Field Road in Northern, TX. The center is currently under construction and is scheduled for completion this year. The property is listed at $10.2 million with a Cap rate of 7.25%. The center is anchored by Ross Dress For Less, Linens ‘N Things and Shoe Carnival. For more information, contact Larry Gray, Marcus & Millichap Real Estate Investment Brokerage Co., 3281 East Guasti Road, Suite 800, Ontario, CA 91761; 909-605-1800, Fax 909-605-1832; Web site: www.marcusmillichap.com.
The Canyon-Johnson Urban Fund, a joint venture between Canyon Capital Realty Advisors and Johnson Development Corp. will take an equity position in Downtown Dadeland, a mixed-use project under construction across from Dadeland Mall in Miami, FL. Downtown Dadeland is on the site of a former Cadillac dealership. The project is to include 416 condominium residences and 125,000 sq.ft. of retail space in seven low-rise buildings. For more information, contact Johnson Development Corp., 9100 Wilshire Boulevard, Suite 710 East, Beverly Hills, CA 90212; 310-247-1994, Fax 310-247-0733; Web site: www.johnsondevelopmentcorp.com. Or contact, Canyon Capital Realty Advisors, 9665 Wilshire Boulevard, Suite 200, Beverly Hills, CA 90212-2309; Phone: 310-247-2700, Fax 310-247-8067.
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